Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
It seemed necessary that all the members of the Cabal should be fully
acquainted with the combination to Grant’s purposes as regarded his
orders to Boutwell, and that his ideas should remain fixed on the theory
of increasing exportation for the country’s safety. Accordingly it was
arranged that Jim Fisk should visit the President at Newport, where he
was on a visit, some time about the middle of August, a month or so
prior to Black Friday. It would seem that Grant at this date was still
wavering, and adhering to his policy of selling gold in spite of the
order which he had given Boutwell. He may have been suspecting that the
anxiety of Gould, Corbin & Co. for the prosperity of the country was not
altogether genuine. The necessity of bringing further pressure to bear
upon him was therefore clearly manifest.
Referring to the interview at Newport, Fisk said: “I think it was some
time in August that General Grant started to go to Newport. I then went
down to see him. I had seen him before, but not feeling as thoroughly
acquainted as I desired for this purpose, I took a letter of
introduction from Mr. Gould, in which it was stated that there were
three hundred sail of vessels then on the Mediterranean, from the Black
Sea, with grain to supply the Liverpool market. Gold was then about
thirty-four. If it continued at that price, we had very little chance of
carrying forward the crop during the fall. I know that we felt nervous
about it. I talked with General Grant on the subject and endeavored, as
far as I could, to convince him that his policy was one that would only
bring destruction on us all. He then asked me when we should have an
interview, and we agreed upon the time. He said: ‘During that time I
will see Mr. Boutwell, or have him there.’”
The President was carefully shadowed after this by the detectives of the
clique, and great care was taken to throw men across his path who were
fluent talkers on the great financial problem of the day, the absolute
necessity of stimulating the export trade and raising the premium upon
gold for that patriotic purpose. In this way, President Grant began to
think that the opinion of almost everybody he talked with on this
subject was on the same side, and must, therefore, be correct.
About the 1st of September it was considered that the opinions of the
President had been worked up fairly to the sticking point, and Gould
bought $1,500,000 in gold at 132½ for Corbin. Gould, however, was timid
in his purchasing at first, as he had heard that a number of operators
who were short of gold were making arrangements to give Secretary
Boutwell a dinner. On further assurances from Corbin that the President
had written Boutwell to sell no gold without consulting him, Gould
prepared to go ahead with the execution of his great scheme. Nothing
remained to be done in the completion of the plot except to stow away
the President in a place of safety until the financial storm should blow
over.
Public-domain text, read in full here on John Shaqi.
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